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MNI EUROPEAN MARKETS ANALYSIS: USD, Yields Track Higher, ISM In Focus Later

  • Equity jitters and softer commodity prices, particularly in the metals space, have dominated sentiment so far today. In the G10 FX space, yen is outperforming, particularly the higher beta plays. AUD/JPY is off over 1%, tracking, at this stage, for the largest drop since early August.
  • US Treasury futures are little changed today, although off session lows. JGB futures have broken lower, but remain above August 6 lows. This comes despite reasonable demand at the 10yr auction.
  • Australian Q2 GDP is released on Wednesday and is forecast to post minimal growth of 0.2% q/q resulting in a the annual rate slowing to 0.9% from 1.1%, in line with the RBA’s August forecast.
  • US manufacturing PMI/ISM for August and July construction spending are released and BoE’s Breeden and ECB’s Buch & Jochnick appear.

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  • Equity jitters and softer commodity prices, particularly in the metals space, have dominated sentiment so far today. In the G10 FX space, yen is outperforming, particularly the higher beta plays. AUD/JPY is off over 1%, tracking, at this stage, for the largest drop since early August.
  • US Treasury futures are little changed today, although off session lows. JGB futures have broken lower, but remain above August 6 lows. This comes despite reasonable demand at the 10yr auction.
  • Australian Q2 GDP is released on Wednesday and is forecast to post minimal growth of 0.2% q/q resulting in a the annual rate slowing to 0.9% from 1.1%, in line with the RBA’s August forecast.
  • US manufacturing PMI/ISM for August and July construction spending are released and BoE’s Breeden and ECB’s Buch & Jochnick appear.

MARKETS

Keep reading...Show less